Analyst Rami Katkhuda of LifeSci Capital maintained a Buy rating on Calliditas Therapeutics (CALT – Research Report), with a price target of $44.00.
Rami Katkhuda assigned a Buy rating to Calliditas Therapeutics based on a combination of factors that demonstrate strong potential for the company’s growth and market position. The FDA’s full approval of Tarpeyo for reducing the loss of kidney function in adults with primary IgAN, regardless of baseline proteinuria levels—a more favorable outcome than anticipated—serves as the keystone for this optimistic outlook. Moreover, the expanded commercial team at Calliditas is expected to accelerate the adoption and coverage of Tarpeyo, bolstered by promising sales growth, with Q3 net sales hitting $26.3M and forecasts indicating that FY2023 will see sales between $100-120M.
The positive sentiment is further underpinned by the compelling results from the Phase III NefIgArd study, which demonstrated that Nefecon significantly slows down kidney function deterioration in IgAN patients, with effects consistent across various demographic and disease subgroups. The maintenance of proteinuria reduction even after a 15-month off-drug period adds to the drug’s credibility as a disease-modifying therapy. These clinical successes, along with the anticipated long-term benefits that will be further clarified with the upcoming OLE data from the study, lay a strong foundation for the analyst’s Buy recommendation.
According to TipRanks, Katkhuda is a 5-star analyst with an average return of 21.6% and a 53.62% success rate. Katkhuda covers the Healthcare sector, focusing on stocks such as Disc Medicine, Viridian Therapeutics, and Eledon Pharmaceuticals.
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Calliditas Therapeutics (CALT) Company Description:
Calliditas Therapeutics AB operates as a specialty pharmaceutical company in Sweden. The company is engaged in the provision of pharmaceutical products for patients with niche indications. It is focused on the development and commercialization of the product candidate Nefecon intended for the treatment of patients with the inflammatory renal disease IgA nephropathy, a disease that causes chronic inflammation of the kidneys.
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